Legal Question in Real Estate Law in Minnesota
My Ex Girlfriend and I own a house valued at 205,000. We both own 50/50 of the house.
After talking about are options. She decided she would like to buy me out.
Her plan is to give me 8,000 under the table. She would refi the house removing my name from
The mortgage. 8,000 is what we would each get if the house sells at 205,000 taking away fees.
Someone told me I shouldn't be the counting the fees. I'm little confused on how
To handle something like this. Being fair is the most important..
1 Answer from Attorneys
Let me know if you need help with this transaction. Basically, upon payment, you will need to execute a quit claim deed transfering your interest to her. The deduction of the commission is subject to argument about the value. Assuming that you would need to use a realtor to sell the property, you would incur a fee. However, in this case, there is no "market sale" and you could argue since there is no realtor, there is no basis for a deduction. Since this is a transfer not involving a realtor, you are getting less than your true value.
In my view, a fair compromise would be to split the commission. Let me know if I can help. [email protected].
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